Africa

Zimbabwe to introduce cheap gold coins.

According to the state-owned daily The Herald, Zimbabwe’s central bank will issue gold coins in smaller quantities to make them more affordable for regular people to buy.

The government unveiled gold coins last month, which were priced at the price of an ounce of gold on the international market plus 5% for manufacturing costs. Currently, an ounce of gold costs roughly $1,795 (£1,500).

The Herald reports that 4,475 coins have been sold thus far.

After annual inflation reached 256% in July, the coins were intended to reduce demand for the US dollar and maintain the value of the local currency.

At the start of the year, the local Zimbabwean dollar was worth 108.66 US dollars, but by August, it had fallen to 481.85.

Zimbabwe employs the US dollar and the Zimbabwe dollar as its two main currencies, however most people prefer to swap their local money for foreign cash to keep their local currency’s value.

Leave a Reply

Back to top button
%d bloggers like this:

Adblock Detected

Please consider supporting us by disabling your ad blocker